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How to add sales tax

 

Depending on the country you select when creating your PiggyZen account, PiggyZen might automatically create sales tax for you. If not, you can follow the steps below to add the sales tax of your country and/or state.

To add or edit a sales tax, log into your PiggyZen account. Click on 'Settings' and then under 'Settings of your business', click on 'Tax Settings'. You can edit a tax or add a sales tax.


  1. Enter the sales tax name.
  2. Enter the tax abbreviation. This will be used for example when you import a file as the import file will use the tax abbreviation to specify the sales tax for the transaction.
  3. Enter the tax percentage. For example if it is 15%, then enter the number 15.
  4. The tax number is optional.
  5. You can specify if the sales tax is recoverable. That means, any purchases you make where this sales tax is added, the sales tax amount will be deducted from the amount you collected for this sales tax.
  6. The sales tax payable account where all the collected and deducted sales tax entries should be saved.

Updating Sales Tax

You can update certain settings of sales tax, like the name, abbreviation and payable account. You cannot however change the tax percentage or change the recoverable setting.

If your tax percentage changes, you can rename the old tax item and add a new sales tax item with the new percentage. For example, if your VAT percentage changes, you rename the old sales tax item to 'VAT (2021)' and the new one to just 'VAT'.

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